5 Essential Tools I Use to Plan for Retirement in next 12 Years

Did you know that 37% of people over 50 delay their retirement planning or do not plan at all? Without a solid plan, many face financial struggles later in life.

I am currently 38 years old and plan to retire by the time I turn 50. It took me a while to establish a system, but in the past six years, I have made choices and investments that have made my goal achievable. If I had to list some tools helping me to reach my goals, here are my top five applications that I would use.

Key Applications to Secure Your Retirement

Here are the five essential tools or applications you need to know to secure retirement.

• IQ Wealth

If there’s one tool that forms the foundation of my retirement strategy, it’s IQ Wealth. This application is tailored for long-term financial planning and serves as the core of your investment portfolio. IQ Wealth provides personalised financial guidance to help you navigate the intricacies of retirement planning. The application enables you to securely communicate with your financial advisor and receive customised suggestions on enhancing and protecting your investments. With IQ Wealth, my portfolio is managed effectively, focusing on long-term growth that aligns with my retirement goals.

The peace of mind this application offers is invaluable when preparing for the future. Thanks to its flexible and secure messaging feature, I can conveniently communicate with my advisor without the hassle of in-person meetings. Currently, this flexibility is crucial for maintaining a solid financial plan while juggling a busy life. IQ Wealth provides real-time insights that simplify planning, whether adjusting my investment portfolio or reviewing retirement projections.

You can learn more at: investmentquorum.com/iq-wealth.

• Emma

Emma is not just a budgeting tool—it’s a financial assistant. It helps you track your spending, categorise your purchases, and provide insights into where to cut back. For example, I was surprised to see how much I spent on subscriptions. I could cancel unwanted services with Emma and put that money towards my savings. Emma also gives regular updates, making it easy to adjust spending habits immediately. Using Emma, I’ve become more aware of my daily spending and how it aligns with my long-term financial goals.

Budgeting is often considered complicated, but Emma makes it easy and enjoyable by offering helpful tips and visual graphs showing progress over time. One key benefit of using Emma is the ability to set financial goals within the app. Whether I’m saving for a vacation or contributing more to my retirement fund, Emma tracks my progress and motivates me to stay on target. With clear financial visibility, I can make better daily decisions that focus on my growing retirement fund.

• ClearScore

Maintaining proper credit health often goes unseen in retirement planning, however it is crucial for long-term financial stability. ClearScore helps me keep track of my credit score, which is essential for obtaining better interest rates on loans and financial products as I approach retirement. The app offers detailed credit reports and valuable insights for improving your score. A good credit score ensures increased financial flexibility during retirement. The understanding and use of credit monitoring have risen, but there is still room for growth, with 35% of adults in the UK never having verified their credit score.

• Chip

Chip‘s automatic savings feature is a game changer when building up savings. Unlike regular savings accounts that require manual transfers or standing orders, Chip’s system analyses your spending patterns and automatically moves small, affordable amounts into your savings. With Chip, I’m saving without even realising it.

One of the app’s best features is its ability to adjust the savings amount based on my spending habits, making saving easy and efficient. Chip’s savings system adapts to my spending habits. If I have a high-spending week, the app reduces the amount it saves to ensure I don’t save too much.

On the other hand, during a low-spending week, Chip increases the savings amount, keeping a good balance. This ensures I can build up my savings without straining my regular finances. Additionally, Chip helps you set savings goals, whether you’re saving for an emergency fund or long-term financial goals like retirement.

• Experian

Experian provides comprehensive financial insights that help me assess potential risks and opportunities. Like ClearScore, Experian monitors my credit health, but it offers additional insights that allow me to detect potential financial risks before they become issues. Protecting my financial identity is essential, especially with increased digital fraud. Experian’s credit monitoring service offers strong security against identity theft, making it easier to pursue financial opportunities with confidence.

Conclusion

Getting ready for retirement doesn’t require a lot of planning; it just needs the right tools to keep you on track. With IQ Wealth helping me with investments and Emma keeping an eye on my daily expenses, I felt more confident about reaching my goals. Using a combination of apps for long-term growth and everyday budgeting made my retirement plans much more realistic. With the right technology, anyone can secure a solid and lasting financial future.

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